George Lucas has given away the rights to his Star Wars franchise; Disney now holds the rights to the brand and plan to release a new Star Wars movie in 2015.

Disney says they are planning to release episode seven in three years, then episodes eight and nine, releasing the movies every couple of years.

Apparently, Disney is paying the fee of £2.5bn in both cash and shares. Lucas will get 40 million Disney shares in the deal.

Disney has certainly been on a spending spree of late, they acquired Pixar for £4.5bn in 2006 and Marvel for £2.6bn in 2009.

"For the past 35 years, one of my greatest pleasures has been to see Star Wars passed from one generation to the next,” said Lucas.

"I've always believed that Star Wars could live beyond me, and I thought it was important to set up the transition during my lifetime."

Lucas will still be able to give creative input on the new Star Wars films and he has agreed with Disney to allow some of his staff to stay. Kathleen Kennedy, the co-chairman of Lucasfilm, has been written into the agreement; she will be the executive producer on the new feature film.